Florida payday loans are available in almost every city in the state. Florida Office of Financial Regulation has oversight responsibility for payday loans throughout the state. Cash advance or payday loans are available throughout the state including Miami and Tampa Bay.
Florida’s payday loan laws have set a maximum limit of $500 per person. Residents can only have one payday loan at a time. If you get a cash advance in Orlando, you cannot legally drive across the state to Tampa Bay to secure another payday loan unless the Orlando loan has been paid in full. Term limits are anywhere from no less than seven days to no more than 31 days. The lender can extend a 60 day grace period if for some reason the borrower cannot repay the loan on the agreed upon day. The borrower is required to seek credit counseling. There are many credit counseling services in Tampa Bay.
Florida’s payday loan laws allow the lender to charge a 15% finance fee and a verification fee no greater than $5 which can vary according to the amount of the loan. Lenders are not allowed under Florida’s payday loan laws to extend, rollover, renew or consolidate any cash advance. Lenders may not pursue any criminal charges against a borrower who does not repay the loan.
According to Chapter 560 of the Florida 2009 statute, Part III, all internet and storefront payday loan lenders must be licensed as Money Transmitters with the Florida Office of Financial Regulation. They must pay a $1,000 fee and submit “Declaration of Intent to Engage in Deferred Presentment Transactions”. In other words this means that Florida payday loans companies agree to hold the borrowers check for an agreed upon number of days before presenting it to the bank for payment.
The Florida payday loans companies must provide the borrower a copy of the written agreement. It should contain the name, address and phone number of the lender as well as the name of the employee acting as the company’s representative.
Even though the lender cannot pursue criminal charges against a borrower, they usually try to scare the borrower who does not fully understand Florida payday loans laws that govern them. Many claim that the borrower owes them thousands of dollars in interest on a cash advance that is $500 or less. The truth is, they have to work out a reasonable repayment plan with the borrower after the initial due date. Maximum interest rate is set at 10% for late repayment.
Written By John Blackman
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